Are there risks?

Every fiat product has some risk. For instance if you hold fiat in a bank account and the bank goes under, you are at risk of losing funds. Similarly, when you stabilize sats, some of the magical powers wear off.

Risks to consider for Stablesats include the following: Counterparty risk with the exchange. If the exchange goes under, the collateral may be unrecoverable.

Derivatives exchanges have auto-deleveraging for perpetual contracts. The position could be closed despite being in profit. This will lead to an under-hedging situation.

Funding goes negative for an extended period of time. Historically there has been on average more longs than shorts on derivatives exchanges. In this environment, funding is revenue-generating for short positions. This might not stay true in the future.

OKX is the single point of failure here.

It will need to be replaced by a decentralized and fully backed options marketplace, maybe something like Kollider.XYZ ?